First Time Buyer

Loopylouie

Hi Everyone,

Myself and my partner are looking to buy a house at 80k. We have a 10% deposit £2000 from our own savings and £6000 from my parents. My partner as no debts apart from a £700 overdraft. I have £1800 on one credit card and £340 on another. I also have an overdraft of £1100 which I do be in quite alot. I have checked credit expert and equifax and I have a good credit rating. How likely a chance do you think I have getting a mortgage?

Loopylouie

Sorry I forgot to say my salary is £15700 and partners is £16600

sulphate

If I was in your position, I would pay off your overdraft and credit cards first. You don't say what lender you're thinking of, but many do not like debt and some will make it a condition that you must pay off a credit card before completion. As you must make at least the minimum payment per month for the credit card, this will be taken into account with affordability.

Posters on here can't really say if you'll be approved but if you can give your incomes it might paint a clearer picture.

ACG

Id be confident you could get this through as affordability isnt a major problem. Double check with the lenders though as some will insist the debt is cleared.

Alternatively you could try a broker to place this for you.

Loopylouie

Thanks for the advice. We did a decision in principle with Santander online but they declined our broker believes it is to do with my partners DP address. He says the system will not recognise the address and simply decline the application. We have decided to go with progressive building society as they do a paper application and aren't so strict with the address issue. We live in northern Ireland and my partners address has been an issue in the past when he tried to get a mobile phone contract.